Market Overview

Global Markets Rise, Dollar Weakens On Signs Of Robust Economic Recovery

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Global Markets Rise, Dollar Weakens On Signs Of Robust Economic Recovery

November was a month of historic gains across all markets, despite the last day fumble. Major global indices are higher on Tuesday after strong economic data raised hopes of a robust economic recovery. 

The Dow futures are trading higher by 0.75%, and the S&P 500 futures are up by 0.83%. WTI crude futures are trading lower by 0.64% to $45.05, while gold futures are up by 0.77% to $1,794.60. Ten-year Treasury yield is down by 0.3 bps to 0.839%.

Asia: Japan's Nikkei 225 gained 1.34% on Tuesday to post its highest close since April 1991. Japan's unemployment rate in October ticker was higher to 3.1%, in-line with consensus. The jobs-to-application ratio improved to 1.04. Capital spending fell 10.6% year-over-year in the third quarter, but it was a better-than-expected fall of 12%. The nation's manufacturing activity PMI improved to 49 in November.

China's Shanghai Composite benchmark posted a 1.77% gain on Tuesday, its highest in seven weeks. The country's manufacturing PMI improved significantly in November to 54.9, a sign of global economic recovery. 

Hong Kong's Hang Seng Index gained 0.64% in Tuesday's close. Retail sales data for October is due today.

Australia's S&P/ASX 200 advanced 1.08% after the country's third-quarter current account surplus report of A$10 billion was better-than-expected A$7.1 billion. Building approvals for October showed an unexpected growth of 3.8% MoM. The Reserve Bank of Australia held an interest rate of 0.10%. Australia's GDP data is due later today.

India's Nifty 50 index is trading higher by 0.96%, led by gains in technology, healthcare, and realty stocks. The country's manufacturing activity in November dipped slightly to 56.3.

South Korea's KOSPI jumped 1.66% after GDP grew 2.1% QoQ in the third quarter. The country's trade balance surplus improved to KRW 5.93 billion in November, and its manufacturing activity PMI rose to 52.9. CPI data is due later today.

Europe: Euro Stoxx 50 is trading higher by 0.76% at press time. The bloc has a busy economic calendar for Tuesday with CPI, PPI, manufacturing PMI, and HICP numbers due.

London's FTSE 100 index is up 1.23% at publication time after the home prices index jumped 6.5% YoY in November. Mortgage approvals for October rose to 97,500. Manufacturing PMI data for November is due to release today. 

Germany's DAX is trading higher by 0.86%. German CPI fell 0.8% MoM in November. Manufacturing and unemployment data is scheduled to release today.

France's CAC 40 has gained 0.85% in Tuesday's opening trade, driven by consumer, technology, and utility stocks. Manufacturing activity and car registrations data are due today.

Spain's IBEX 35 has advanced 1.13% despite its manufacturing activity contracting to 49.8 in November.

Forex Trading: U.S. Dollar Index futures continue its fall, down 0.26% to 91.623. The dollar has weakened 0.44% against the Euro to $1.1979, lost 0.63% against the Sterling Pound $1.3405, and down 0.05% against the Japanese Yen to ¥104.22.

For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España.

 

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